iShares Bitcoin Trust (NASDAQ:IBIT) Trading Up 3.7% – Still a Buy?

iShares Bitcoin Trust (NASDAQ:IBIT)’s share price traded up 3.7% on Friday . The stock traded as high as $59.45 and last traded at $59.22. 20,261,217 shares traded hands during mid-day trading, a decline of 49% from the average session volume of 39,971,500 shares. The stock had previously closed at $57.09.

iShares Bitcoin Trust Stock Up 5.5 %

The firm’s fifty day moving average is $54.56 and its two-hundred day moving average is $42.24.

Institutional Trading of iShares Bitcoin Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. boosted its stake in iShares Bitcoin Trust by 42.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 108,497 shares of the company’s stock worth $3,704,000 after purchasing an additional 32,416 shares during the period. Brown Brothers Harriman & Co. bought a new position in shares of iShares Bitcoin Trust during the second quarter worth $43,000. Renaissance Technologies LLC purchased a new position in iShares Bitcoin Trust during the second quarter valued at $505,000. Axxcess Wealth Management LLC increased its holdings in iShares Bitcoin Trust by 88.6% in the 2nd quarter. Axxcess Wealth Management LLC now owns 44,971 shares of the company’s stock valued at $1,535,000 after acquiring an additional 21,126 shares during the last quarter. Finally, Marathon Trading Investment Management LLC purchased a new stake in iShares Bitcoin Trust in the 2nd quarter worth $783,000.

About iShares Bitcoin Trust

The IShares Bitcoin Trust Registered (IBIT) is an exchange-traded fund that mostly invests in long btc, short usd currency. The fund is a passively managed fund that seeks to track the spot price of Bitcoin. IBIT was launched on Jan 5, 2024 and is issued by BlackRock.